Insurance industry faces mounting pressure after Sinlaku as costs rise, coverage tightens

The Northern Mariana Islands' insurance industry remains under intense strain nearly three months after Super Typhoon Sinlaku, with insurers still processing claims while grappling with rising reinsurance costs, shrinking market participation, and declining availability of typhoon coverage for some vehicles, according to the head of the Northern Marianas Insurance Association. Association president Gol Corpuz said insurers have already resolved about two-thirds of Sinlaku-related claims but expect the process to continue for up to a year, similar to the recovery following super typhoons Soudelor and Yutu. "We're expecting it to last maybe within a year, just like we had before with Soudelor and Yutu," Corpuz said. Corpuz estimated total property losses from Sinlaku at roughly $500 million to $600 million, but said only about $100 million worth of those losses were insured.